Preparing to purchase your home this spring

Write down your must haves and would like to haves. List items in order of priority. Begin driving through possible communities now and calculating the distance from them to work or relatives. When you see available homes online, you will be able to eliminate many by being familiar with their location. Conventional loans typically require at least 10 percent down. You will have to pay Private Mortgage Insurance (PMI) on any loan that is more than 80 percent of the home's value. You will also need money for closing cost and household expenses. Every dollar you can put in savings is going to help. Pre-qualified is different than pre-approved. Pre-qualified is when a lender reviews your income, assets, and debt and suggest a suitable loan amount for you.Pre-approval is when a lender has reviewed your credit and is willing to commit to a loan for you. Pre-approval is typically good for 90 days. So, get your pre-approval in hand when you are ready to make an offer on a home. View the list »
Check your credit score and begin clearing up any mistakes as soon as possible. The better your credit score, the better the interest rate you will qualify for. 

Real Estate & Construction newsletter

Interest rates are expected to remain low throughout 2013. But, with signs of improvement in the housing market, this may be the last time you are going to see mortgage rates this low.
Many home sellers are going to be putting their homes on the market in the spring. If you are one of the many people planning to purchase, take a few steps now to be in a better position when you find the home that is right for you.

Related topics

Advertisement
View the list
  • Check your credit score and begin clearing up any mistakes as soon as possible. The better your credit score, the better the interest rate you will qualify for. 
  • Pre-qualified is different than pre-approved. Pre-qualified is when a lender reviews your income, assets, and debt and suggest a suitable loan amount for you.Pre-approval is when a lender has reviewed your credit and is willing to commit to a loan for you. Pre-approval is typically good for 90 days. So, get your pre-approval in hand when you are ready to make an offer on a home. 
  • Conventional loans typically require at least 10 percent down. You will have to pay Private Mortgage Insurance (PMI) on any loan that is more than 80 percent of the home's value. You will also need money for closing cost and household expenses. Every dollar you can put in savings is going to help. 
  • Write down your must haves and would like to haves. List items in order of priority. Begin driving through possible communities now and calculating the distance from them to work or relatives. When you see available homes online, you will be able to eliminate many by being familiar with their location. 
  • A buyer's agent is working for you. That is different than a listing agent, whose responsibility is to the home seller. A buyer's agent will help you determine a fair price, schedule home inspections, and eliminate a lot of worry and stress by helping you navigate the home buying process. Interview a few buyer's agents and choose the one you trust and feel most comfortable with. 
  • Start packing what items you can now to avoid feeling overwhelmed when you get closer to moving day. Consider selling or giving away some items you no longer need. Speak to a tax specialist about whether or not your moving expenses are tax deductible. If you moved due to work or starting a new job, you may qualify and will want to start a file for moving related expenses. 
View the list

, Greenville Real Estate Examiner

Frank Stegall is a lifelong resident of upstate South Carolina, and has been a full-time real estate agent for eight years. He specialized in foreclosed properties for six years, representing banks and asset management companies. He currently is a buyer's agent, with a specialty of representing...

Advertisement

Today's top buzz...